HomeMy WebLinkAbout2000-05-09 NEERB MINUTESNON-EMERGENCY PENSION BOARD MEETING
May 9, 2000
The regular meeting of the Englewood Non-Emergency Pension Board was called to
order by Chairperson Rick Kahm, at 4:02 p.m. in the Perrin Room of the Englewood City
Library, 3400 South Elati Street, Englewood, Colorado.
Members Present:
Members Absent:
Others Present:
Richard Kahm, Chairperson
Gary Bowman, Council Appointee
Bill Belt, Council Appointee
Beverly Bradshaw, Council Member
Ernestine Campbell, Employee Representative
LeRoy Da Vault, Council Appointee
Frank Gryglewicz, Director of Financial Services
None
Dale Connors, Watershed Investment Consultants
Kevin Yoshida, Watershed Investment Consultants
Diane Hunt, Buck Consultants
Sue Eaton, Director of Human Resources (arrived 4:15 p.m.)
A quorum was present.
* * * * *
Approval of Minutes
MR. DAVAULT MOVED TO APPROVE THE MINUTES OF THE JANUARY 11,
2000 AND FEBRUARY 8, 2000 REGULAR MEETINGS. MR. BELT SECONDED .
Ayes:
Nays:
Absent:
The motion carried.
OLD BUSINESS
Kahm, Belt, Bradshaw, Bowman, DaVault, Gryglewicz
None
Campbell
Consideration of Retirement Request From Joyce Bertrand
Joyce Bertrand requested a Ten Year and Lifetime Certain retirement benefit. Mrs.
Bertrand's last date of employment was February 29, 2000.
MR. GRYGLEWICZ MOVED TO APPROVE THE TEN YEAR AND LIFETIME
CERTAIN MONTHLY BENEFIT OF $599.19 FOR JOYCE BERTRAND EFFECTIVE
MARCH 1, 2000. MR. BELT SECONDED.
Ayes:
Nays:
Kahm, Belt, Bradshaw, Bowman, Davault, Gryglewicz
None
Absent: Campbell
The motion carried.
NEW BUSINESS
Notification of Leo Clark's death.
The Board was notified of the death Leo Clark on April 8, 2000. Mr. Clark had elected a
lifetime and ten year certain benefit. His first benefit payment was in 1981. The final
benefit was paid for the month of April. No further benefits are due.
Discussion of Defined Contribution Plan
Mr. Gryglewicz explained that the current trend in pension plans to provide a defined
contribution plan. He said that the City management is considering the possibility of
changing the general services staff plan to a 40la Money Purchase Plan. The change
would not affect current employees unless they choose to change to the 40la.
January l, 2000 Actuarual Report -Buck Consultants.
Diane Hunt reviewed the January 1, 2000 actuarial report and the study of the cost of an
ad hoc increase to the retirees of one percent.
The report indicated that the required contribution for 2000 is 4. 7%. The City is currently
contributing five percent (5%) of salary to the plan.
Watershed Investment Consultants
Dale Connors, Watershed Investment Consultants, reviewed the March 31, 2000
Investment Performance Evaluation Report.
Mr. Gryglewicz asked about the invoice charges that reflect $1000 portfolio charge for each
fund that Watershed is monitoring.
Mr. Connor said that each fund is considered a portfolio. Further discussion indicated that
the Board members understood all the investments were one portfolio.
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Mr. Connor said that the fee was passed directly to the Plan without a markup from the
monitoring service.
MEMBER CHOICE
The Board discussed an ad hoc increase for the retirees.
MS.BRADSHAW MOVED TO APPROVE AN INCREASE OF THREE PERCENT FOR
RETIREES AS OF JANUARY 1, 2001. MR. BOWMAN SECONDED.
Ayes:
Nays:
Absent:
The motion carried.
Kahm, Belt, Bradshaw, Bowman, Davault, Gryglewicz
None
Campbell
The meeting adjourned at 4:58 p.m.
Carol Wescoat
Recording Secretary
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